Apollo Global Management examines how a “higher for longer” interest rate environment is reshaping private markets across asset classes. The report outlines how elevated financing costs and tighter liquidity are slowing fundraising, moderating deal activity, and raising the bar for returns, while long-term investors continue to shift toward private credit and infrastructure for yield and inflation protection.
Outlook for Private Markets
Apollo
Torsten Slok, Shruti Galwankar, Rajvi Shah
Research
69 Pages
Key Takeaways
Private market slowdown: Global private capital fundraising has fallen sharply since 2022, with private equity and venture capital particularly affected.
Credit resilience: Private credit AUM has risen to $1.5 trillion globally, supported by rising spreads and reduced bank lending capacity.
Infrastructure strength: Real assets and infrastructure funds now account for over half of real asset fundraising, underscoring demand for inflation-linked income.